The Nigerian Federal Government has decided to liquidate NITEL (Nigerian Telecommunications Limited), after several failed attempts to sell the company.
This process was approved by the National Council on Privatisation, headed by Nigerian Vice President Namadi Sambo, at a meeting on Monday.
NITEL and its mobile arm M-Tel will be sold through “guided liquidation” due to the company’s huge liabilities, the Bureau of Public Enterprises (BPE) said in a statement.
“The committee recommended that ‘guided liquidation’ should be adopted as the strategy for the privatisation of NITEL/M-Tel in view of the huge liabilities of both companies and that there was no viable financial alternative presented by the management of NITEL/M-Tel,” Chukwumah Nwokoh, BPE spokesman, said.
Nwokoh said the NCP supports the Technical Committee’s recommendation of ‘guided liquidation’. Despite, venues not accounting for, “the management of NITEL/M-Tel had been obtaining their salaries from the Federal Government of Nigeria.
Consequently, the NCP has directed the the Technical Committee on Information, Communication, National Facilities and Agric Resources to immediately carry out investigations and ensure that all revenues received were accounted for.”
Elias Kazza, Senior Staff Association of Communications, Transport and Corporations President told the Daily Trust that privatisation efforts failed due to the selfish interest of some Nigerians.
Segun Adekoye
I hate hearing that something deu to selfish interest of some nigerian,,,,,,who are this nigerians,pls name names,
mumi gold u don turn politician abi…
Nnem, u wouldn't understand
asset worth USD2.5billion… jokers!
Another source of embezzlement for them again. Chai!!!God will punish most of them severely before they exit this world.
My heart bleeds! My blood boils!
Undiga: Why does your heart bleed? The company's been dead for years. For many years they offered zero service to zero number of clients.
Undiga: Why does your heart bleed? The company's been dead for years. For many years they offered zero service to zero number of clients.
Undiga: Why does your heart bleed? The company's been dead for years. For many years they offered zero service to zero number of clients.
Don't quote me, but I believe the NASS has intervened in the matter to stop the exercise – at least, not at the proposed low price.
@ Aziza:that is precisely why my heart bleeds! @GM :Oga pls keep me posted with the inside scoop!
No wahala, will do.